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Interest rates in the German forest valuation literature of the early nineteenth century

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  • Moog, Martin
  • Bösch, Matthias

Abstract

Valuation with the help of the present value method can be traced back to at least medieval times. In forest literature the scientific achievement of calculating the present value of forestland is predominantly attributed to Martin Faustmann, whose 1849 publication is truly considered pioneering. However, without cheapening Faustmann's intellectual effort, this paper points to some earlier and relatively unknown German authors. By doing so, it presents the state of knowledge on forest valuation in the early nineteenth century, which is a very interesting and lively period of time with respect to the choice of the interest rate. It is revealed that already at that time publications on forest valuation showed a tendency towards an interest rate that yields a desired result.

Suggested Citation

  • Moog, Martin & Bösch, Matthias, 2013. "Interest rates in the German forest valuation literature of the early nineteenth century," Forest Policy and Economics, Elsevier, vol. 30(C), pages 1-5.
    • Handle: RePEc:eee:forpol:v:30:y:2013:i:c:p:1-5
    DOI: 10.1016/j.forpol.2013.03.004
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    References listed on IDEAS

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    1. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    2. Viitala, Esa-Jussi, 2006. "An early contribution of Martin Faustmann to natural resource economics," Journal of Forest Economics, Elsevier, vol. 12(2), pages 131-144, June.
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    Cited by:

    1. P. Hlaváčková & D. Šafařík, 2016. "Quantification of the utility value of the recreational function of forests from the aspect of valuation practice," Journal of Forest Science, Czech Academy of Agricultural Sciences, vol. 62(8), pages 345-356.
    2. Viitala, Esa-Jussi, 2016. "Faustmann formula before Faustmann in German territorial states," Forest Policy and Economics, Elsevier, vol. 65(C), pages 47-58.
    3. Deegen, Peter, 2016. "Private and public timber production: How markets and political institutions matter," Forest Policy and Economics, Elsevier, vol. 72(C), pages 56-65.

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